Quadra FNX Announces First Quarter 2011 Production Results
Note: The table above includes the period prior to the merger of Quadra Mining Ltd. and FNX Mining Company Inc. to form Quadra FNX Mining Ltd. on May 20, 2010. The table also includes pre-production ore from the Morrison Deposit.
FIRST QUARTER OVERVIEW:
Production at Robinson continued to be limited by the lack of flexibility in the Ruth Pit. A secondary access ramp is being constructed, which together with the expected completion of the mud removal from the bottom of the pit by June, will significantly improve flexibility for the balance of the year. As previously indicated, 2011 production from Robinson is expected to be back end weighted. An aggressive exploration program has commenced in the Liberty Pit focusing in the near term on the potential for short term reserves that could further improve operational flexibility, and beyond this on increasing the overall reserves and mine life.
Copper production from the Sudbury operations was slightly better than plan, with production at Morrison continuing to ramp up as scheduled. Nickel production at Morrison was higher than expected as a result of a larger amount of ore being sourced from higher levels of the Morrison Deposit (i.e., MD1 and MD2).
At Carlota, the Company initiated the transition from truck dumping to conveyor stacking of ore on the leach pad and preliminary percolation results are positive.
As previously announced (See Press Release February 15th, 2011), Quadra FNX took over mining operations at Franke and acquired much of the contractor's mining fleet. During the transition, ore was sourced from stockpiles but as of April, mining operations have resumed in the pit.
OTHER EVENTS:
Quadra FNX has entered into a customary voting support agreements with respect to the recently announced agreement by Capstone (TSX: CS) to acquire Far West Mining Ltd (TSX: FWM), of which Quadra FNX owns 13%, on a fully diluted basis. Should this transaction be successful, Quadra FNX would realize a pre-tax gain of approximately C$60 million based on current prices.
Paul Blythe, President & CEO comments; "The underground operations continue to perform on target and progress continues to be made on the open pit mines. We continued to advance the Sierra Gorda feasibility study and partnership negotiations, which remain on track. We also completed an NI 43-101 compliant inferred resource at our Victoria project which confirmed a project of substantial size, as announced by a separate press release this morning. A conference call to discuss this event will be held later on this morning."
Conference Call details:
A conference call to discuss the first quarter production as well as the Victoria inferred resource has been scheduled for Tuesday, April 19th 2011, at 9.00am ET (6.00am PDT). The North American toll free number for this conference call is 1-800-952-6845 while the international number is 1-416-695-6616. To access the simultaneous webcast, visit Quadra FNX's website at www.quadrafnx.com or www.InvestorCalendar.com. The playback version of the call will be available until April 26th, 2011 at 1-905-694-9451 or North American toll free1-800-408-3053 and using the pass code 5283222.
The first quarter financials will be issued on May 6th, 2011 prior to market open. Dial in details of the accompanying conference call will be issued under separate press release. The Annual General Meeting for the shareholders will be held on the same date at 11.00am ET at the Toronto Board of Trade, First Canadian Place, Suite 250, 77 Adelaide Street West, Toronto, Ontario.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
